Germany's Evonik rejects BASF's $11.7 billion bid, sources say

Sept 28 (Reuters) - German chemicals manufacturer Evonik has rejected a €10.3 billion ($11.7 billion) takeover bid by BASF as too low, sources close to the negotiations said on Monday.

BASF, one of the world's largest chemicals makers, had offered about €22.15 per Evonik share, the sources said. Evonik shares, which closed at €18.07 on Thursday before news of BASF's approach, were up 1.6% at €19.8 at 1450 GMT on Monday.

Shares in BASF were little changed after a 3.6% fall on Friday when BASF said it was in exploratory talks with Evonik.

BASF added on Monday it was taking a disciplined approach and would not comment on price as this was "based on a potential for synergies that can only be verified if Evonik is involved".

Evonik and its largest shareholder, the RAG foundation, declined to comment.

Evonik's products include high-tech plastics and feed additives as well as ingredients for coatings and household products. BASF makes engineering plastics, super absorbent polymers, vitamins and chemicals for industrial uses.

BASF is at risk of losing its top global ranking by chemicals revenue to Sinopec. Last year its group revenue of €59.7 billion was almost the same as that of the Chinese company's chemicals division.

($1 = 0.8800 euros) 

(Reporting by Matthias Inverardi, Ludwig Burger and Kanjyik Ghosh; Editing by David Goodman and Alexander Smith)